Pseudonymous crypto trader Rekt Capital tells his 334,000 Twitter followers that as long as the king crypto continues to trade below the $17,400 level, it will be in danger of hitting new lows.
“BTC’s recent recovery still sees price trading below the Monthly resistance of ~$17400.
As long as $BTC remains below this resistance, there will always be a threat of rejecting more strongly into downside continuation and new lows.”
Bitcoin is moving for $16,591 at time of writing.
Setting his sights on the leading smart contract platform, Rekt Capital says that Ethereum may be showing weakness as sell pressure continues to build up.
“ETH has been forming consecutive lower highs for the past three months.
This demonstrates mounting seller pressure at lower and lower levels. Also ETH has retraced almost the entirety of the move that began in July. May be a sign of a weakening ~$1100 support.”
Ethereum is changing hands for $1,021 at time of writing.
Moving on to BTC alternative Litecoin, the analyst notes that if LTC wants to continue its rally, it needs to close out the month of November above the $67 price tag.
“LTC upside wicks have gone up to as high to the $85-$98 region (blue) before ultimately rejecting there. Price needs to monthly close and hold above $67 to move higher next month.”
LTC is currently valued at $77.84.
Lastly, Rekt Capital issues a warning to traders, saying that he’d be cautious of investing into altcoins until they reclaim the levels they recently flipped from support into resistance.
“Many Altcoins appear to be potentially turning old broken down supports into new resistances. Until altcoins are able to reclaim these recently lost levels, it’s better to be cautious.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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